Bitcoin’s plunge has focused investors on a little-known valuation model. - Getty Images/iStockphoto Bitcoin’s roughly $40,000 loss from its early October peak equals about a 30% haircut — but the cryptocurrency still fetches far more than its current fair-market value. That’s according to a bitcoin BTCUSD valuation model based on something known as Metcalfe’s Law, which assumes that the value of a network is a function of the number of users. I last wrote about this model in September 2024 — and by its ...